Microsoft
’s
MSFT
Azure cloud platform and Artificial Intelligence (AI) capabilities are being
leveraged
by Truveta to improve the scalability of its data platform. The software giant is also making an investment in the Truveta platform.
The companies will work toward adding more healthcare providers as members on the platform. The new members will bring along additional healthcare data, which will enable Truveta to gain critical input and improve patient healthcare outcomes. The platform, with the help of Azure, will incorporate vital input from billions of “de-identified datapoints” like images, genomics and medical records added Microsoft.
Truveta is a health provider led data platform, which aims to help researchers ramp up drug development and help doctors gain expertise. The platform is governed by 17 eminent health providers in the United States, including the likes of Tenet Health, Providence, Novant Health, Northwell Health, Advent Health and Trinity Health.
Truveta’s data platform represents over ten million patients as well as several care facilities across 40 states through its 17 health provider members. At present, Truveta represents 15% of all clinical care in the United States with billions of data points.
The Truveta platform will be integrated with Microsoft Cloud for Healthcare. This will help the tech giant to bolster its own healthcare solutions for its clients. Although Truveta will provide smooth access to its data, Microsoft cannot claim any rights to the same.
Microsoft Corporation Price and Consensus
Microsoft Corporation price-consensus-chart
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Microsoft Corporation Quote
Microsoft’s Efforts to Gain a Larger Share of Healthcare Sector
COVID-19 crisis and subsequent impact on the world has underscored the need to keep a strict watch on new and existing diseases as well as accelerate the process of finding a cure.
Utilizing the healthcare data along with innovative technologies like cloud, machine learning and AI will help clinical researchers ramp up vaccine/drug development process. The pandemic is also driving the digital transformation of the entire healthcare system. This is forcing healthcare companies to rapidly digitize their operations to ensure business continuity.
Per a Mordor Intelligence report
, global healthcare cloud computing market is projected to witness a CAGR of 14.1% between 2021 and 2026 and reach $52.3 billion.
Microsoft is striving to expand its footprint in the healthcare industry. In 2020, the tech giant unveiled the Microsoft Cloud for Healthcare. The platform offers healthcare organizations with functionalities to manage vast healthcare data, attain cost efficiency as well as extend tight security and boost interoperability of health data.
A few months back, Microsoft
announced
the acquisition of
Nuance Communications
NUAN
for $19.7 billion (including Nuance’s net debt) in an all-cash deal. The acquisition is expected to increase Microsoft’s total addressable market or TAM in the healthcare vertical to $500 billion, noted the software giant.
The acquisition has been approved by the boards of the companies and is expected to be concluded by the end of 2021. The deal is subject to Nuance’s shareholders’ approval as well as other regulatory and customary conditions.
Microsoft’s cloud endeavours are anticipated to help it capitalize on attractive growth prospects and boost its financial performance in the coming days.
However, it needs to watch out for competition from the likes of
Amazon
AMZN
and
Alphabet
’s
GOOGL
Google Cloud.
Microsoft currently carries a Zacks Rank #2 (Buy). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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